10-year Treasury yield rises to highest since January 2025 as surging oil rekindles inflation fear
West Texas Intermediate crude futures advanced 5% to more than $91 a barrel.Meanwhile, jobless claims for the week ended July 18 came in at 187,000, below the 212,000 that economists polled by Dow Jones were expecting. 10-year government bond rose 5 basis points, climbing above 5%, as new prime minister Andy Burnham cut property taxes on hospitality venues, contributing to investor unease. Burnham's 20% cut on business rates will cost roughly £100 million ($134 million) and aims to protect pubs, clubs and music venues from higher costs. — CNBC's Chloe Taylor also contributed to this report.
- ▪West Texas Intermediate crude futures advanced 5% to more than $91 a barrel.Meanwhile, jobless claims for the week ended July 18 came in at 187,000, below the 212,000 that economists polled by Dow Jones were expecting.
- ▪10-year government bond rose 5 basis points, climbing above 5%, as new prime minister Andy Burnham cut property taxes on hospitality venues, contributing to investor unease.
- ▪Burnham's 20% cut on business rates will cost roughly £100 million ($134 million) and aims to protect pubs, clubs and music venues from higher costs. — CNBC's Chloe Taylor also contributed to this report.
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Oil prices continued to climb on Thursday, with Brent crude futures on pace for their third-largest monthly gain in the past 10 years, following reports of Houthi rebel attacks on tankers off the Red Sea coast of Saudi Arabia, and renewed U.S. threats to escalate strikes against Iran.Brent crude futures for July delivery gained 6% to trade above $100 a barrel, the highest since before the U.S. and Iran reached a tentative peace deal last month. U.S. West Texas Intermediate crude futures advanced 5% to more than $91 a barrel.Meanwhile, jobless claims for the week ended July 18 came in at 187,000, below the 212,000 that economists polled by Dow Jones were expecting. Investors will next look ahead to the latest S&P Global Flash U.S.
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